Panasonic runs from Brexit Britain on tax haven fears

As anyone living in the United Kingdom will have noticed, the government's Brexit implementation plans haven't got any clearer over that time and businesses need certainties in order to make plans and not simply gamble on what outcomes might unfold.

Other firms, including Airbus and Japanese banking giant Nomura Holdings, have revealed similar plans to move European bases out of Britain because of uncertainty over Brexit.

Japanese electronics giant Panasonic has become the latest firm to announce plans to shift its European headquarters out of the United Kingdom ahead of Brexit.

Japan warned Prime Minister Theresa May in February that its companies would have to leave Britain if trade barriers after Brexit made them unprofitable.

Laurent Abadie voiced his concerns to Nikkei Asian Review that Japan could raise tax bills if the United Kingdom cuts corporate tax rates, costing the company more in the long run.

The newspaper said employees dealing with auditing and financial operations would move, but those dealing with investor relations would stay in the UK. "We're now in a situation where we have to consider what to do in all of them", Nakanishi added.

Japan is a major investor in the United Kingdom, where more than 800 Japanese companies employ more than 100,000 people.

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